Ask HN: How to make an extra $2000 monthly? • Hacker News Board

Re: Ask HN: How to make an extra $2000 monthly?

#61

Post by matt_the_bass » Wed, Jan 08, 2020, 9:25 PM UTC

davismwfl wrote: post #59

pxhb wrote: post #58

Earlier quoted context omitted.

I have an idea what it costs me personally, but I am not sure how to price in the plain fact that renters will not care for your house as much as you do.

And you are right to ask this question. Your costs when you live in the house will not be the same as when someone else moves in. It is also why I suggest you talk to a local agent or 2 because they will know the trends in your area. I had a house in one city that the maintenance cost was outrageous compared to my other properties but it was in the middle of the pack (cost wise) for the city demographics and building…

Great list! Thanks for sharing. I was thinking only about the maintenance costs of the structure.

Re: Ask HN: How to make an extra $2000 monthly?

#62

Post by davismwfl » Wed, Jan 08, 2020, 9:56 PM UTC

matt_the_bass wrote: post #61

davismwfl wrote: post #59

Earlier quoted context omitted.

And you are right to ask this question. Your costs when you live in the house will not be the same as when someone else moves in. It is also why I suggest you talk to a local agent or 2 because they will know the trends in your area. I had a house in one city that the maintenance cost was outrageous compared to my other properties but it was in the middle of the pack (cost wise) for the city demographics and building…

Great list! Thanks for sharing. I was thinking only about the maintenance costs of the structure.

You're welcome.

Real estate is almost entirely about demographics, learning the target audience/area will let you understand the situation and risks better.

Honestly no different than startups IMO. If we build a product that there is no client for it doesn't matter how cool it is or how much money we raised or spent. If you build (or buy) a property that is wrong for the area, selling, renting or doing anything with it will become nearly impossible.

Re: Ask HN: How to make an extra $2000 monthly?

#63

Post by jakemal » Thu, Jan 09, 2020, 9:46 PM UTC

fastbeef wrote: post #55

davismwfl wrote: post #21

Earlier quoted context omitted.

Depends on a lot of factors, I have made that on a single property (short term vacation rentals) but more typical is like what you say where it can take 10+ properties to clear $2k/month for long term rentals. Right now my best property is clearing two hundred (or so) a month, which isn't horrid but far from great. I only have long term rentals right now though, so that's ok. IMO: Rental property is best looked at as…

Seems like a crazy amount of risk for $200?

I'd imagine that is net cash per month. But they would still be building equity.

Re: Ask HN: How to make an extra $2000 monthly?

#64

Post by ryanmercer » Fri, Jan 10, 2020, 2:01 AM UTC

codingslave wrote: post #54

ryanmercer wrote: post #44

Earlier quoted context omitted.

A lot of us can't negotiate a salary period, people outside of tech don't seem to realize this Major corporations have very concrete pay scales, you start at the bottom of that scale and you climb your way up it year after year with very rigid and defined maximum pay increases based on arbitrary factors in an annual merit increase and not by going "gee boss, I think I deserve a raise!".

If youre a top performer, theres always money for you. Ive gotten some 50% raises without a promotion from massive extremely cheap large corporations. But I produce and make those above me look very good. I pull political strings and execute on projects that give my bosses more power.

Yeah, most jobs in the United States (probably the world) don't have "political strings" and "projects". You have clearly defined responsibilities, you do that day in and day out until you quit/retire/die/move to another position.

Re: Ask HN: How to make an extra $2000 monthly?

#65

Post by davismwfl » Fri, Jan 10, 2020, 2:53 AM UTC

jakemal wrote: post #63

fastbeef wrote: post #55

Earlier quoted context omitted.

Seems like a crazy amount of risk for $200?

I'd imagine that is net cash per month. But they would still be building equity.

Correct, net after all expenses. My goal is always to have 100-200 free at a minimum but in the end the rental cashflow isn't to build monthly income (in my case), but instead to build equity in the property.

There was a period of time I did it for monthly cash flow, and when I did that I'd target different types of properties and target a different minimum free cash flow. But I switched my investment strategy to be one to maximize equity and property value, I've found this to be far more profitable in the medium to long term, but obviously doesn't provide the highest monthly income initially.

Re: Ask HN: How to make an extra $2000 monthly?

#66

Post by RenRav » Sat, Jan 11, 2020, 4:24 AM UTC

jetti wrote: post #41

RenRav wrote: post #35

Not software related, but my sister makes and sells simple candlesticks online for that much each month. I also resold earbuds/earplugs online for a years to get $1000-1500/mo. Seemed like a viable side project only taking up an hour or so every night to prepare packages, and then an extra 20 minutes to swing by the post office each morning. Like others said, it's always a good idea to reduce your spending and try to…

That is interesting about your sister. I've been thinking of doing something similar, do you know if she uses a platform like Etsy to sell her stuff?

Yes, she sells via Etsy. I would link her store page for the curious, but sellers on Etsy are really homogenous and so you can glean the same info from any of them probably.